Trade Deficit Narrowed in June

Washington, DC, August 14, 2007-- The trade deficit narrowed by 1.7% to $58.1 billion in June as exports set a record, according to the Commerce Department.

Exports rose 1.5% during the month as imports increased 0.5%.

Economists had forecast a deficit of $60 billion in June, not expecting exports to exceed imports.

At $60.95, the average price of imported oil was the highest since September of last year, as was the total oil import bill. June crude imports were up 2.2%. Economists now say that oil accounts for about 40% of the total trade deficit.

The trade deficit with China rose 5.7% in June, which was the highest since last November. Exports to China, which have also been growing, hit a record $5.9 billion.